Rentals for villas and established communities in prime buildings across Dubai have grown 10 percent and 9 percent respectively, during second quarter of the year, in comparison to same period last year.
As for property prices, the Jones Lang LaSalle (JLL) report said that villas have registered 21 percent growth, while apartments continued to remain stable, year-on-year.
JLL, in its report, quoting the Reidin Residential Sale Indices, said that the residential market seems to have bottomed out, while the villa market has begun to see some upward movement towards end of 2011, and this trend has continued into 2012.
In fact, during the month of May, the villa sale indices have growth by 21 percent year-on-year, and now stand 9 percent higher than 2008 levels, the report said.
Meanwhile, the apartment sale indices remained stable, although they were 18 percent lower in comparison to January 2008.
Quoting Reidin’s rent indices, JLL report said rentals for villas and apartments have grown by 10 percent year-on-year. According to JLL, rents and prices will continue their upward trend for rest of the year. Nearly 3000 new housing units have been added to the market in the second quarter, making a total of 344,000 units.